The Disinflation is seen by Argentines as the government’s most important achievement Javier Mileiboth among those who approve of the first two years of leadership and among those dissatisfied with the libertarian experience. However, opinion polls show another point of contact: a significant part of society feels this way doesn’t make it to the end of the monthalso in a context of Price slowdown.
An analysis of the consulting company EcoGorelated to official datahelps to explain this apparent contradiction. The Family income significantly recovered year after year End of 2025, but without sustained improvement over time nor a complete restoration of the level lost in the last decade. The improvement was real, however limited and heterogeneousled by independent and informaland was barely enough to return to the records before Acceptance of Mileiand is therefore significantly below the values of a decade ago.
The Mass of family income EcoGo data showed an annual increase of 2025 11.1%Although No significant improvements compared to last year. On average, the aggregate remained intact practically stable compared to 2024 and at similar levels to those of 2023leading to a stronger recovery statistical than structuralwithout a clear upward trend over the course of the year.
In terms of level, the recovery continues incomplete. The bulk of the income was in 2025 5.5% below 2019 And 14% below 2015and simple on par with the 2023 records. So last year’s recovery was not enough Recompose accumulated losses in previous economic cycles.
The added enhancement also hides a mark Heterogeneity between the different income components. The greatest progress was observed in most cases informal and flexible of the labor market. The Self-employed people recorded an annual increase of in 2025 32.4%hardly localized 3.9% below 2023but still 17.3% below 2019 And 28.5% below 2015. In a similar way the unregistered private employeescommonly known as “in black“, they grew 33.4% year-on-yearHe manages to localize 12% over 2019although still 13.5% below 2015.
In contrast, this is formal income They progressed at a much more moderate pace. The registered private employees showed an annual increase of 6.6%with layers 0.7% over 2019but still 13.5% below 2015 and hardly higher than that of 2023. He Public sector salary growth 7% year-on-yearbut it continues to be one of the most popular Latecomers: is found 15.5% below 2019 And 28.2% below 2015with a limited recovery compared to the previous year. This last segment was one of the main casualties of the “Chainsaw” in expenses with which the government tried to maintain it Budget surplus.
The weakness of formal salaries is also reflected in data from other consulting firms. As the director of explained Analytics, Claudio CapraruloThe Registered private salaries show no real growth in 2025 and remain at historically low levels. In perspective they are localized 21.8% below 2017 valueswhile the The number of recipients of this income is decreasingparallel to Advance of informality on the labor market.
“It configures a Double problem in terms of demand for the domestic market. Firstly, because the Wages are fallingas the income of informal workers is on average lower. Secondly, because limits credit expansion as a mechanism to increase consumption: The risk in this segment is greater, with higher levels of portfolio irregularitieswhich translated means higher interest rates“, said the economist.
The Retirements showed an improvement over the previous year 14.5%although they start from a very low floor: they remain 28.4% below 2019 And 25.9% below 2015and they are still among the best really beateneven after the recovery in 2025.
The Family allowances and transfers showed the opposite behavior: they fell 13.7% year-on-yearalthough they remain at a level well above historical levels 92.8% more than in 2015 And 13.8% over 2019. At the beginning of Milei’s management, there was a strong increase in income for the beneficiaries Universal child benefit (AUH)which later began to lose weight in connection with relative Transfer normalization And Budget adjustment.
According to EcoGo, consumption increased 7% compared to the previous year in 2025 and ended in Highest values of the last decadealthough the improvement was not primarily due to sales, but rather to Credit recovery. However, not all sectors were able to maintain a good sales level.
In this context the selective purchasesThe Price search and the smaller ticketsa process that benefited the most small businesses than the big chains. In it Mass consumptionSupermarkets continued to show weakness, even though the sector was growing 2.2% for the full year through Novembercould not compensate for the decline 13.9% registered in 2024according to information from Scentia.
The data helps to understand the social climate that it reflects Opinion polls Carried out at the end of 2025. The report “Balance sheet at the end of the year”manufactured by House Threeled by Mora Jozamishowed that the Improving the economy and the low inflation They are cited as the most important achievement by both those who support Milei’s management and those who oppose it. At the same time it is low wages appear among the most important Issue those who have a critical view of the government.
With this in mind, a survey Management & Fit showed that under the topic Family incomeHe 50.4% declared in a representative sample of the entire country can’t make ends meet: Him 11.5% He explained that he could save; He 37.4% it “just” arrives; He 32.6% brings difficulties and the 17.8% it doesn’t arrive directly. A survey by Argentina thinks gave similar results: 22% of respondents said they can save 38% makes ends meet, but doesn’t manage to 37% not enough to cover its costs and the 3% He declared that he didn’t know.
The data from income, consumption And public opinion agree on the same diagnosis: the economy has left that behind fit the floorbut for a significant proportion of households The recovery is still not enough to noticeably improve their everyday situation.
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